Abraaj standing still, but how long will it still be standing? | Arab News:
"A shudder went through some financial professionals in the UAE late on Monday night when Abraaj Group announced it was seeking a “standstill agreement” with creditors.
Many in Dubai and Abu Dhabi last heard those words in November 2009, when government-owned investment conglomerate Dubai World said that it was asking creditors for a moratorium on interest and debt repayments while it sorted out its finances.
That standstill request heralded a crisis for the UAE that still has repercussions today. Dubai World had to renegotiate $25 billion of borrowings in a protracted series of negotiations with banks and bondholders. Abu Dhabi had to come to the rescue with a $20 billion loan to its federal partner."
'via Blog this'
No comments:
Post a Comment